Your shout: Moneywise readers have their say in June 2018

Each month we publish the best comments, emails and letters from our readers. Here are the best of June 2018.

This month's star letter: Interest-only mortgagees ‘should take responsibility’

I’ve been a mortgage borrower for nearly 37 years and will be making my final payment on my mortgage next month. When I bought my first house in the 1980s, endowment mortgages were all the rage and I signed up for my first £25,000 loan for a two-up, two-down. I also took out an endowment policy.

As we moved up the property ladder, I took out further endowment policies until I had six in total, all indicating a potential annual growth of around 6% to 8% – we all know how that ended.

When it became clear that the endowment policies would not clear my mortgage, I switched to a repayment mortgage and sold the endowment policies, also receiving mis-selling compensation from the provider. With the money raised, I made a lump sum payment into my mortgage, reducing the capital owed and future interest payments.

My point is that I don’t think Moneywise should be making excuses for borrowers who say they didn’t know they were paying interest only and would need an investment vehicle to pay off the loan in future (Moneywise, June 2018 issue). This was clearly explained to me when taking out my first mortgage and subsequent mortgages.

It seems people have chosen to ignore the reality of their situation, and then cry: “It’s not my fault, something must be done”, while enjoying the lower repayments of an interest-only mortgage.

Moneywise should be encouraging people to take personal responsibility for their financial situation, take sensible action and not encourage people to point the finger at their mortgage borrower.

IC/VIA EMAIL

Moneywise says: Thanks for getting in touch with your views on interest-only mortgages – it certainly seems to be an area that stirs up a lot of debate. We hope that by raising awareness of the interest-only issue (which some borrowers may not have understood at the point of sale), it will encourage people in this position to review their finances and to begin thinking of a repayment plan or making alternative arrangements as soon as possible.

Energy customers ‘will lose out’ over SSE fine

Moneywise says: We recently reported that supplier SSE is to pay a £1 million fine after misleading pre-payment meter users. One reader asks how it will pay the fine:

• SSE to pay £1m after misleading pre-paid energy users

Where will the funds come from to pay this fine ? Not the management for their poor decision-making, nor the shareholders who have a stake in the company. No, it will, of course, be hidden in higher prices for customers – the very people who have been ripped off. It’s about time corporate responsibility was owned personally by those at the top who decide how the company operates. If it gets it wrong, then it should be punished, not the customer.

AQ/VIA ONLINE COMMENTS

Head north for better returns? It’s not worth it

Moneywise says: In early June, we reported that more landlords are buying up north. But one landlord says he’s staying put:

• Landlords head north to enjoy better returns

Better net returns? Probably not – unless you live up north. I live in East Anglia, and all my properties are within a 30-mile radius of home. On Wednesday I got a call to say a boiler had stopped working. I was there within the hour and fixed the problem in two minutes. Had this property been 100 miles away, I would have had to call out a plumber, at a cost of £100-plus.

AT/VIA ONLINE COMMENTS

Co-op cremation is cheap… except for the ashes

Moneywise says: The news that Co-op Funeralcare is launching a new direct cremation service that slashes funeral costs for people who do not want a traditional send-off has been welcomed by a few readers:

I have a similar plan I did a few years back with Co-op, which cost £1,150 using a space in my father’s grave. If I had used a new grave, it would have been £175 more. I have insisted that a van collects me, that I am placed in an unpolished coffin (it could not do a body bag), and a van takes me to the grave. All fees are included – what more does one need?

C/VIA ONLINE COMMENTS

• Co-op launches new direct cremation service

At £95, the price of delivery of ashes is somewhat exorbitant if one wants to cremate at minimal charge. It may be cheaper to use Royal Mail. At least I know my postman!

MA/VIA ONLINE COMMENTS

Great idea. It’s about time something like this was offered, as funerals are ridiculously expensive. However, I am signed up to the organ donor scheme. I wonder whether the Co-op can still offer the plan?

AK/VIA ONLINE COMMENTS

Moneywise says: The organ donor process happens before any funeral arrangements are made, so Co-op says you can choose any funeral plan including cremation without ceremony.

Section

• Home & mortgage
• Mortgages

Free Tag

• interest-only mortgage
• mortgages
• energy

Related stories

• SSE to pay £1m after misleading pre-paid energy users
• Landlords head north to enjoy better returns
• Co-op launches new direct cremation service

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How to Save for a Home, Even When It Feels Like You’ll Be Renting Forever

Monopoly made it seem so easy. But in real life, there’s no advancing to payday, and rent does not cost $16 in New York.

In fact, the median cost of a two-bedroom apartment rental in the U.S. is $1,178. That’s 35% of median take-home pay when you subtract taxes from the median household income.

And in the way of all medians, this means half of us are stretched even thinner than the middle-of-the-road median American family. (Let’s call them the Joneses.) Add in our collective $1.4 trillion in student loan debt in the U.S., and the thought of saving for a home sounds comical.

Yet repeatedly, surveys show that homeownership is still a staple of American financial ambition. One study from 2017 found that 68% of millennial homeowners plan to own multiple homes throughout their lives.

Here’s where to start if you’re one of the millions trying to save for a home.

Figure Out How Much You Need for a Down Payment

The first step is knowing how much you need to save. And how much you need for a down payment can depend, in part, on what kind of loan you’re seeking.

You’ve likely heard the traditional wisdom that says you should put down 20% of the home’s value so you won’t need mortgage insurance, but that doesn’t mean it’s your only (or best) option.

In 1934, the National Housing Act established the Federal Housing Administration (FHA) and, as a consequence, FHA loans. The idea is that the FHA insures loans from approved lenders, which limits the lenders’ risk. That means friendly terms for consumers, which look something like this:

If you have a credit score of at least 580, you could qualify for an FHA loan with a down payment of 3.5%. These loans also allow for a larger debt-to-income ratio than traditional mortgages and allow gifts to be used as down payments.

If your credit score is between 500 and 579, you’ll have a more difficult time being approved, but you could still qualify for an FHA loan with 10% down. If this is you, there are steps you can take to try to get to the 580 mark.

Other options with low down payments include what are conventional 97 mortgages, which require just 3% down. For veterans, there are VA loans that require nothing down.

Interests rates on FHA loans range from 4.2% to 4.75%.

As you compare mortgage lenders, you’ll be asked to provide information on your assets, expenses and household income to get prequalification. This will give you a general idea of how much you’ll need to have saved to move forward. The key here is patience. It’s important to compare lenders to be sure you’re getting the best terms you qualify for.

Once you select a lender, you’ll work with a mortgage professional to be formally preapproved for specific terms before you can make any offers.

What about that median family, you ask? Our median family, the Joneses, have credit scores in the 680s, which means they would hit the 3.5% qualification. They’d be looking for a home that costs about $216,000, according to Zillow. That means they’d need to save $7,560 for a down payment.

But that’s not all the Joneses have to consider. On average, closing costs run between 2% and 5% of the home’s value, which means the Joneses could face as much as $10,000 in additional fees — $3,700 is the national average for buyers — to finalize the purchase. These fees can be rolled into an FHA loan if the Joneses choose, but that means 30 years of interest payments on those closing costs.

Assuming they pay for closing costs upfront, the Joneses’ savings target would be just over $11,000.   

How to Plan for Additional Costs of Homeownership

It happens to the best of us: One minute, you decide to crunch numbers on a mortgage calculator; the next, you’ve realized your current rent covers the monthly cost of a private island.

But you should know that there’s much more to the story.

Your mortgage payment will be only a part of what you pay each month as a homeowner. You’ll also take on property taxes, homeowners insurance, mortgage insurance, possible homeowner association fees and maintenance costs.

Do your homework on the tax rate (also called millage) in your area. Get specific with potential lenders so you don’t run into unexpected fees. Once you find a home you’re interested in, you’ll need to have it inspected by professionals to get an estimate on the kind of repairs you may face in the near future.

According to The Balance, $177 of the median monthly mortgage payment goes toward taxes and insurance. What’s more, you should budget 1% of the home’s value annually for maintenance costs. Taking the Joneses’ $216,000 home as an example, expenses above the loan payment and principal would come to an extra $360 a month.

That Part About How to Save for a House

Once you define what your savings goal is, the real work will begin.

If you’re a first-time homebuyer, you may qualify for an assistance program in your state. But regardless of whether you qualify, having a plan for how to save for a house is a must.

You’ll want to familiarize yourself with budgeting methods to see what will work for you. What’s important is knowing exactly where your money goes and being able to justify each expense. The zero-based budget, for example, requires you to account for every cent.

Ask yourself of all nonessential spending: Is this worth putting off buying a home?

Think about how to save on your big expenses.

Would it make sense to move into a smaller house or apartment while you save, for instance? According to USA Today, the cost difference between two-bedroom and one-bedroom apartments can be as much as 30%.

But don’t ignore the smaller details of your finances.

As you begin to put money away, consider whether you’re gathering as much interest as possible, for example. Some accounts gather upward of 1% interest. It may not sound like much, but it can make a difference over time.

Every dollar counts.

Jake Bateman is an editor at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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7 Questions To Ask Yourself To Choose Where To Retire

Do you plan to relocate when you retire? If so, where would you like to go? Let the following seven questions help you refine and evaluate your choices.

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Why Tax Season Will Be as Confusing as Ever, Even With Postcard-Size Forms

It’s been a few months since you filed your taxes — unless you filed for an extension — but I hope you haven’t forgotten about the new tax law that passed at the end of last year.

You might vaguely remember something about the $1.5 trillion tax cut known as the Tax Cuts and Jobs Act. It eliminated personal exemptions, increased the standard deduction, increased the child tax credit, and changed tax rates and brackets.

The tax reform didn’t affect this year’s filing season, but it’ll be in full swing by January 2019, and the IRS is already drafting new forms to celebrate… I mean, in accordance.

Meet the New 1040 Tax Form

Earlier in June, the draft of the new W-4 form was introduced. The instructions alone were cut from four pages down to two.

On Friday, the Treasury and IRS revealed the draft of the new 1040. It’s a half-page, front-and-back form with 23 lines (down from a full front-and-back page with 79 lines).

But just because the forms are getting shorter doesn’t mean taxes are getting easier or quicker to file.

Most of the questions taken out of the 1040 were moved to six new schedule forms. So if you’re filing online, you may not notice any difference in time, effort or confusion.

Because these are still drafts, they’ll probably change, so there’s not much you can do right now. But if you’re looking to be proactive, check your deductions on your current W-4 to make sure you’re still withholding enough to avoid a tax bill come April.

Jen Smith is a staff writer at The Penny Hoarder. She gives money saving and debt payoff tips on Instagram at @savingwithspunk.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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How to Save for a Car and Still Have Enough Cash to Fill Your Tank

I knew my old Nissan Altima was failing when I couldn’t turn on the air conditioning and again when it shut off at a red light. After patching each problem only to be stranded by another, I finally gave up on it.

I didn’t have the money for a new car yet, so I started saving and rode my bike or carpooled in the meantime.

I was carless for months.

I hadn’t purchased a vehicle since 2004, so I was a bit indecisive on what to buy and what I needed. So, I spent the past few months saving, researching and planning until the time was right to buy the 2018 Kia Sorento I had my eye on.

If you’re in a similar situation, you pretty much have two options if you want to buy a car: pay outright with cash or take out a loan.

Those options become more difficult if you’re in college, don’t earn much or have no savings.

Whether you need a car immediately or have a few months to save, planning ahead to figure out your price range and vehicle choice will save you from going broke or falling victim to a sneaky salesperson.

How Much Can You Afford to Spend on a Car?

Knowing is half the battle. Once you pinpoint how much you can afford, you know what to save. Follow these steps.

Figure Out Your Basic Budget

Calculate all your basic monthly expenses. These include your rent or mortgage, utilities, phone bill, credit card or student loan payments, and insurance. Do not include extras like cable, groceries or gym memberships.

What do you have left over? This is the working number that you’ll use to figure out what you can reasonably afford for a monthly loan payment or how much you need to save toward a one-time purchase.

Example: Jane makes $1,500 a month, or $18,000 a year. Her basic monthly expenses are:

• Rent: $500
• Utilities (water, electric, gas, internet): $200
• Phone: $60
• Credit Card: $100

Total: $860

Left over: $640

Jane’s car budget is not $640. It will be considerably less than that.

Remember, you might have to fork over extra funds for taxes and tag, title and dealer fees on top of other expenses like insurance premiums, gas, maintenance and repairs.

Also, Jane needs to eat, but her grocery bill is flexible, which we’ll discuss in the last section.

Determine What Kind of Car You Want

We all want cars that run, but zeroing in on the right car for you will help give you a target budget.

Questions to consider include:

• Do you want a compact, sedan, van, truck or SUV?
• Are you planning on purchasing new or used?
• Will you use it for work, travel or school?
• What features are important, and which can you live without?

Be honest with yourself. If you make $18,000 a year, stick within your means and skip the Lexus.

Once you nail down what car you’re purchasing, you can look up the fair purchase price for new and used cars through Kelley Blue Book. These estimates will allow you to set savings and financing goals.

New vs. Used Car: Decide Which Works for You

There’s value in buying a new car, from warranties and lower interest rates, to the comfort of knowing the true vehicle history.

But new cars are expensive and depreciate relatively quickly, and they often come with higher insurance premiums. Plus, you’ll be strapped to monthly payments that go on for years before you can officially own your car. Not everyone can afford this commitment.

Ain’t no shame in going the used route, either.

Lower monthly payments, insurance premiums and registration costs might make buying a used car more appealing. If you save up, you can purchase a used car in one shot.

But if you buy a car without a warranty, you may pay extra for maintenance and repair costs. Know what compromises you’re willing to make ahead of time.

Calculating the True Cost of Owning a Car

Now that you know what is affordable, it’s time to calculate down payments, monthly payments and associated costs.

Thankfully, the internet has tons of resources to help you come up with an estimate.

How Much to Put Down on a Car

The general rule for how much to put down on a car is 10% of the sale price for a used car and 20% for a new car.

If the used car you have your eye on costs $6,000, that means you should put down at least $600. For a $20,000 new car, plan to pay at least $4,000 upfront.

Remember: There will be fees for tags and title, so give your down payment a buffer to allow for these initial expenses.

Calculating Your Monthly Car Payments

If you put $600 down, you will finance $5,400 into a series of monthly payments. The most common terms are 36, 48 or 60 months.

Use an online auto loan calculator to estimate your monthly payments. These can vary based on sales tax, interest rates and the trade-in value of your old car, which we discuss in the next section.

For a $6,000 loan with a 4.74% interest rate over 48 months, a $600 down payment, no trade-in and 7% sales tax, the monthly payment would be $133.

Using the Jane example above, we know that she can afford this payment with her current income.

Loans can be secured from a dealership, but also from a credit union, bank or other lending company. These could be especially helpful if you finance an older used car.  

Additional Car Expenses

Recurring costs like insurance, gas and maintenance are mandatory if you want those four wheels to go anywhere.

Insurance premiums vary depending on make, model, year, location, driving history and safety features. There’s a maze of options when deciding on car insurance coverage, but you can shop around and get free quotes to get the best deal.

Gas prices fluctuate wildly, but you can approximate what you’ll need weekly and leave wiggle room for the go-go juice on your budget.

If you buy used, try to a get a warranty or maintenance plan. If this isn’t an option, set aside money each month to maintain your vehicle and be prepared for an unexpected repair.

All of your monthly car related expenses combined — payment, insurance, gas, maintenance — shouldn’t exceed 10% to 15% of your take-home income.

What’s Your Current Car Worth?

If you have a car to trade-in, it is an asset. It lowers the sale price, financing and monthly payments.

To find out the trade-in value of your current vehicle, you can have it appraised online so you know what to expect if you trade it directly with a dealer.

Every little bit you can take off the sale price counts.

Another option might be to sell it yourself locally or use a third-party service like Peddle. Save that cash toward your down payment, or add it to the car-repair emergency fund.

How to Save Up for a Car

Remember when I said, “Knowing is half the battle”? Well, doing is the other half.

If you really want a car, you’re going to have to make sacrifices and commit to saving money.

Cut Back on Your Expenses

Think about wants versus needs, and use that to guide you on what you can forgo as you save up.

Consider cutting out that gym membership and using the great outdoors for your exercise. Limit your streaming subscription services. Start doing your own nails.

Stick with the essentials when you grocery shop, and avoid splurge items, eating out and ordering in.

Don’t tighten your straps too hard, or else you’ll be headed for a binge. An occasional treat to reward yourself is deserved — just don’t lose sight of your goal.

Small changes in your spending habits will make your car fund grow rapidly and keep you committed to saving.

Earn Extra Income

We’re well-versed in getting that side hustle on.

Of course, you might be limited without a car, but there are plenty of opportunities to make money by working from home, selling your stuff or finding nearby gigs in your city.

Every little bit counts; just $20 here and there can add up when it’s time to buy.

Use a Savings Account

Between cutting back on expenses and earning extra income, you’ll have to store that money somewhere, preferably out of reach.

Use or open a savings account, and regularly contribute to it.

If you know what you can comfortably afford for a car payment, start adding that amount to your account every month, if not more.

Trick yourself into saving by setting up automatic transfers to a savings account, or use a budget savings app that will do all the work for you.

Stick to Your Savings Goals

Staying disciplined makes things easier.

It’ll be a tough adjustment at first, but it gets exciting to watch your savings tick upward, and you’ll have the comfort of knowing you’re covered.

Having goals will help you limit your excess spending. There’s no penalty to paying off your loans early, but there’s also no need to go broke by being too ambitious.

So just focus. Skipping the budget and savings plan will put the brakes on your car-buying intentions, and all Jane, you and me want is to cruise on that open road.

Stephanie Bolling is a staff writer at The Penny Hoarder. After her recent purchase, she hopes to not buy a car for another 14 years.

 

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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The Perfect Investment

With all of the TV shows, books, blog posts, academic studies, and everything else dedicated to the subject of investing, it would be reasonable to think that, with enough research, you could create the perfect investment strategy that maximizes your odds of getting the best returns possible.

The exact right mix of stocks, bonds, and mutual funds, in the exact right percentages, placed in exactly the right accounts.

In my profession I see a lot of people get caught up in this search for the perfect investment, and as well-intentioned as it may be, it typically leads to one of two undesirable outcomes:

1. Analysis paralysis: The constant uncertainty around which decisions are “best” prevent you from ever making any decisions at all.
2. Constant tinkering: Never-ending research leads to constant discoveries of new investment strategies, which leads to constant tinkering and constant changes in your investment plan that prevent any long-term progress.

The truth about investing is, in some ways, a lot less satisfying than the idea of the perfect strategy. But it can also relieve a lot of stress and anxiety, and, if understood properly, can lead to much better (though imperfect) outcomes.

The Elusive Perfect Investment

The truth is that there is, absolutely, a perfect investment out there. There is something that will provide better returns than everything else over your personal investment timeline.

The problem is that it’s impossible to know what it is. The future is unpredictable with any degree of accuracy, which means that there isn’t anyone who can tell you ahead of time which investment strategy will outperform all others.

To say it another way, no matter what you do, it is a virtual certainty that you’ll be able to look back and find other investment strategies that would have performed better.

It’s best to accept that now and forget the idea of perfect. Because the flip side is that you don’t need the perfect investment in order to succeed.

All you need is something that’s good enough to help you reach your goals.

Creating a ‘Good Enough’ Investment Plan

The good news is that while perfection is impossible, “good enough” is pretty simple. There are a handful of investment principles that have been shown to work and are relatively easy to implement.

The following steps, while imperfect, are the real way to maximize your odds of investment success.

1. Save Money

Eventually your investment choices and the returns they provide will start to matter. But for the first decade-plus of your investment life, the importance of returns is dwarfed by the importance of your savings rate.

Even if you have no idea what you’re doing and happen to choose terrible investments, you are setting yourself up for long-term success by saving early and often. Those contributions add up, eventually providing a foundation upon which real returns can be earned.

Here’s a calculator you can use to figure out how much to save: How Much Should You Be Saving for Retirement?

2. Use Tax-Advantaged Accounts

Of course, you do want that money you’re saving to be put to good use, and the easiest way to do that is by maximizing the tax-advantaged accounts available to you.

Accounts like 401(k)s and IRAs allow your money to grow without being burdened by taxes, which means that it can grow faster than it would in other accounts. Here’s how to choose between them: How to Choose the Right Retirement Account.

3. Minimize Costs

Cost is the single best predictor of future returns, with lower costs and fees leading to better returns. The less you pay, the more you get.

And the good news is that cost is one factor that’s directly under your control. Here are the major costs to watch out for and how to minimize them: Eight Investing Fees to Watch Out For.

4. Strike a Balance

A good investment strategy has a mix of higher-risk, higher-return investments like stocks, and lower-risk, lower-return investments like bonds so that you can both grow and protect your money at the same time.

This is one of the places people get tripped up: looking for the perfect balance. Let me be the one to tell you that it doesn’t exist, so you can forget about that.

But you can absolutely strike a balance that’s well within the “good enough” range. Here are some tips on doing just that: How to Choose the Right Mix of Investments for Your Personal Goals.

5. Use Index Funds

Index funds have been shown again and again to outperform actively-managed funds, and they do so with lower costs. They also make it incredibly easy to diversify your investments and to strike the right balance between risk and return.

Nothing is guaranteed, but the evidence shows that using index funds increases your odds of success.

6. Stay Consistent

No matter which investments you choose, there will be a lot of ups and downs along the way. You’ll also hear about other investment strategies that sound appealing, and some that feel like “can’t miss” opportunities.

Your job is to ignore the noise and stick to your plan. As long as you follow the principles above to implement a “good enough” investment plan, there shouldn’t be much need for change unless there’s a significant change in your goals or circumstances.

As Warren Buffett once said: “Lethargy bordering on sloth remains the cornerstone of our investment style.”

When you have the courage to settle for “good enough,” you can sit back and let your investments do the work. It may not be perfect, but it’s a whole lot better than the alternative.

Matt Becker, CFP® is a fee-only financial planner and the founder of Mom and Dad Money, where he helps new parents take control of their money so they can take care of their families.

Related Articles:

• Why Do You Want to Beat the Stock Market?
• The Power of ‘Good Enough’
• How to Start Investing on a Tight Budget

The post The Perfect Investment appeared first on The Simple Dollar.

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Questions About Watches, Seasoning Mixes, 401(k) Criticisms, and More!

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question.
1. Copying seasoning mixes?
2. University degree as gatekeeper
3. Raising credit score while abroad
4. Shut-in suggestions
5. Easier solution than budgeting?
6. Expensive watch
7. Inexpensive watch
8. Board game expansion advice
9. 401(k)s are a ripoff
10. Lunches while doing field work
11. Outdated savings bonds
12. Books on professional social situations

Sometimes, all you want to do is find a comfortable chair with a really good novel and just lose yourself in it.

On with the questions!

Q1: Copying seasoning mixes?

Is it really cost effective to copy a seasoning mix? I get the Chili Lime mix from Trader Joe’s all the time and I tried to make my own version of it and it definitely didn’t save me money.
– Max

Most of the time, you can copy a seasoning mix and save money, but there are some caveats.

The number one thing is that you need a well-stocked spice rack that you use frequently and refill regularly. If you have this, then making a spice mix isn’t too hard – you just get a small container and mix in the ingredients according to the recipe.

I’ve found that if you buy most of your spices in bulk, the price per ounce of spices is pretty low, and thus making a spice mix is pretty inexpensive. The catch, of course, is that you have to be actually using the spices you have a lot, and if you’re not, they’re going to go to waste. That, in turn, means that you need to be cooking at home a lot in a from-scratch way where you’re actually using your own herbs and spices rather than just cooking from a kit or eating out all the time.

The reason that spice mixes sell well is that they’re a convenient shortcut to food seasoning. You want a “chili lime” flavor on that fish you’re going to grill? Here’s a seasoning mix that will do just that! There’s nothing wrong with that shortcut at all and most mixes really aren’t that expensive, but you can make your own mixes with less expense if you use a lot of spices at home.

Q2: University degree as gatekeeper

I think job training and trade skills are super important, but what do you think about 4-year degrees as gating factors?

My cousin does not have a degree and can’t get a better job at any of the Midwest grain companies because of this. He is one of only two people who can operate a certain machine right now, and regularly trains new full time salaried hires in responsibilities throughout the company. But because he doesn’t have a four year degree, they won’t pay him benefits or hire him salaried. As much as I believe in the trades, companies are making it such that you have to have a four-year degree to get any kind of reliable job, even where that 4yo degree is completely irrelevant (my cousin has 15 years dependable experience, and he’s making less than guys out of college with 2.2 GPAs in psychology.)

My younger 19yo cousin, who absolutely adores welding and is the hardest worker among young people I know, is dragging his feet about getting a bachelors. He hates all the gen eds and doesn’t fully appreciate the long term payoff for the short term dollars he gives up by not working full time. But down the road it gets a lot harder to go back to school, and if you want to raise a family or even just an easier quality of life, it is much better to have a salaried position and healthcare.

I’m all for education of every stripe, but our country has created an education arms race of sorts. I haven’t read extensively on this, but I imagine it hits rust beat/blue collar communities the worst.
– Connie

The idea that you can walk straight out of high school into a good paying job with benefits is gone, and it’s been gone for quite a while. There are few really good jobs available for people with just a high school education and no additional training, and those jobs tend to require some onerous physical labor or insane hours or some other significant drawback. Lacking those things, employers often have to find something to filter through the candidates, and the simple filter of having a bachelors degree is the one many employers fall back on.

That’s why I don’t recommend just directly jumping into the workforce after college. You should either go to college/university, a trade school, the military, or some type of entrepreneurship. If you’re not sure what to do, take a single gap year, spend that year either working one of those jobs that either pays minimum wage or has onerous working conditions (or both) or else take on some other clear project, and figure out what you want to be doing (it probably won’t be working in that onerous job).

Some of my family members have jobs that they received with just a high school diploma. Those jobs all involve either insane working hours or some significant risk to their personal safety. That’s not something I want for any of my children.

Q3: Raising credit score while abroad

As an American born and raised abroad, i moved to the US for a year without any background on the credit score situation. When i just got there and started renting my apartment, I had to make expensive deposits around to get the home services including at&t cable (Direct TV) which was for $500. At a later time i then signed up for an iPhone with a plan. Unfortunately i had to leave the US again without a notice and did not pay the remainder which was due. Now just recently i needed to move back to the US and my only way back is by getting a loan, but of course now its very hard to since my score has decreases inormusly. I though that since i paid an amount as a downpayment for the cable services to the same company as the phone, then in case i left without paying off the remainder for my iphone plan, then it will cancel off one another (cable and iphone are both at&t). So the questions is what can i do? Please help by directing to resolve such issue.
– Andrew

It sounds to me like you have a poor US credit score. There are a few things you can do, but it’s not going to be easy.

First of all, do you still have a credit card issued by a bank in the US? If so, I would start using that for a few regular purchases and then paying off the bill in full. If you don’t have a US credit card, try applying for one. If you can’t get one, look into getting a secured card, an option that many banks offer. If you know someone in the US, they may be able to add you to their card as an authorized user, which will help, but it does put their own credit at risk so you should only ask this of a close relative or an extremely close friend.

You might want to get a copy of your credit report just to see what’s on there. The federal government gives out a free credit report to all citizens once a year from each of the three credit bureaus. You can get that free report from annualcreditreport.com.

If you do those things, add in some patience. Your credit won’t recover overnight, and you’ll need good credit to get the kind of loan you’re looking for.

Q4: Shut-in suggestions

I have a suggestion for your shut in person (connie). In my county, the library offers a lot of services to shut ins. She might be able to totally eliminate television and other entertainment expenses (music, kindle, etc). Our library offers books in a variety of formats as well as music, movies, musical instruments, educational kits and other collections all of which are available to be mailed both ways for free to patrons who are unable to travel to the library. Perhaps similar services are available to Connie.

Another idea is for her to ask for help at a local house of worship or thru craigslist for public outreach. There are a lot of organizations wishing to help in their communities. I know that our local animal sanctuary takes dogs to the homes of elderly shut ins who wish to adopt. maybe cats are available that way too. help is often available if people ask. Neighbors and local organizations don’t know the need is there unless the person in need asks them.
– Jaden

These are both good ideas. Our local area has a mobile library that will sometimes drive to the homes of shut-ins and swap books and other media with them. The shut-in requests books and films and other materials online and then the “bookmobile” comes to their house once every few weeks and swaps new stuff for their stuff that needs to be returned.

I’m also a big advocate of contacting your local house of worship, particularly those of mainline Protestant denominations. Over and over again, I’ve found that pastors in mainline Protestant churches will go above and beyond to help people in difficult circumstances (this is likely true of other denominations; I’m just speaking of my own very positive experiences with Lutheran, Presbyterian, Episcopalian, Methodist, and Baptist pastors). Just talk to the pastors there and see what they can do to help.

These are great ideas!

Q5: Easier solution than budgeting?

We have tried making a budget as recommended in several personal finance books for the last month but it is a lot of work and we don’t see much benefit. It has been nice to figure out where we are overspending and correct it but it is so much work to keep assembling and following a budget each month and I know why people stop doing it. Do you have any suggestions for much faster methods that offer most of the benefits of budgeting? I realize nothing will be perfectly the same but faster but what’s beneficial and faster?
– Jameson

There are a couple of things worth trying.

The strategy that works best for me is simply keeping receipts during the month, writing down little incidental expenses in my pocket notebook, totaling up all expenses at the end of the month, putting them into various categories, and then looking at the results and seeing if I’m happy with them. If I’m not, then I know things have to change. This takes just an hour or so a month and works really well. You don’t even have to do this every month – just every third or fourth month or so, just to keep yourself in check.

Another good approach is to just automate some of your financial moves. Set up an automatic transfer to savings (your bank should allow this – if not, then look for a new bank) to put aside money for your upcoming events, like an emergency fund or a new car or so on.

I used to use You Need a Budget, but when they switched to subscription-only software and their last non-subscription version stopped working for me, I abandoned it. I haven’t formally budgeted in quite a while.

Q6: Expensive watch

My husband has always wanted a really high-end wristwatch. He thinks they look strong and masculine and he always admired his grandfather’s watch and wants one kind of like it. He has been slowly saving for it, putting aside $100 a month for several years. But now that he has enough to buy the kind of watch he’s always wanted he is having second thoughts. All the way along I told him I was fine with it if he saved for it slowly and then used that savings to buy it so that we could budget for it but he now has seriously cold feet and is thinking about using that money toward a replacement car. I know that if he does this he will never have that watch but I also know that the car is more financially sensible for us at this time. Advice?
– Jenna

Without knowing your full financial state, I can’t really give you advice on this.

However, I will say that your husband has apparently been saving for this watch in an incredibly responsible way and it’s clearly something that’s meaningful and important to him. Given that, I would have no qualms whatsoever in your situation using the savings to buy the watch he’s looking at. This is something meaningful for him and he’s done it the right way.

Now, it is not a wise move to leave the family in a financially damaged position while he’s buying a several thousand dollar watch, but I don’t think that’s really the position that you’re in. He mostly seems to be deciding between strengthening your financial foundation in a significant way or buying this watch, but that doesn’t mean your financial foundation isn’t already in good shape.

If I were him, I would either buy the watch or hold onto the money for now (if he can’t bear to buy the watch at the moment) unless the financial situation is truly worrisome. Give it some time and reflection.

I thought it’d be fun to follow this up with another watch-related question. Readers had watches on their minds this week!

Q7: Inexpensive watch

I’m about to start a new job and had a meeting with an assigned mentor. He suggested what I should wear to work among other things and said I should get a watch that isn’t a smartwatch. I usually don’t wear one at all and have no idea what to buy. Suggestions? I don’t have much money but I don’t want a cheap looking watch either.
– Jeffrey

Honestly, wristwatches have far more to do with personal taste than anything else. They are an accessory item that has a bit of useful functionality to them.

If I were you, I’d go to a store that sells watches – a normal department store is fine as you’re not buying a high-end timepiece – and look around. Choose one that’s understated and within whatever your price range is and you’ll be fine.

If I had to pick one in your shoes, I’d probably go for something like a Timex Weekender. It’s understated with a very legible face, it doesn’t look cheap, and it does the job for a reasonable price.

Watches are one of those things where you can spend absurd amounts of money. Don’t. Just avoid getting something that looks like a toy if you’re going to wear it in a professional environment.

Q8: Board game expansion advice

Hi Trent! Long time reader and also board game aficionado like yourself. How do you keep yourself from needing every expansion for a game?
– Josh

I ask myself whether I really like this game well enough to keep adding expansions to it and continually playing it with that new expansion content. Is this something I’m really going to keep bringing to the table over and over?

If the answer really is yes and I’m actually playing it a lot, I spend some of my budgeted gaming money on expansions for that game. If the answer is “I’m not sure” or “no,” then I trade the game off or sell it in my local group.

Over time, I’ve become more and more harsh in terms of realizing that I might like a game but that I’m unlikely to play it very much going forward because there are other games I like better and only so much time to actually play games. Coming to that realization has helped me just trade off games that I might have otherwise bought expansions for in the past.

Q9: 401(k)s are a ripoff

Everything about a 401(k) is scammy and I can’t believe you still push them. You just defer taxes into the future where the tax rate is probably going to be a lot higher. They’re usually loaded with fees that just gulp your money. The “free match” you get from your employer is just money they’re not paying you in salary. What a scam.
– Stephen

What you’re describing here aren’t things that are true of a lot of 401(k)s, just the mediocre ones.

Yes, we don’t know what tax rates are going to be like in the future, but it’s unlikely that people in the range of relying on 401(k) benefits are going to be paying huge tax rates or else our country has moved in a radically different direction than our nation’s history and the policies of most of their peers in the world. Furthermore, decent plans offer a Roth option.

Yes, some plans are high in fees. Some plans aren’t. However, most plans do offer a bunch of different investment options, at least some of which are decent in terms of fees, and if your 401(k) is too onerous, you can just contribute enough to get the match and then put the rest into a Roth IRA of your own.

Yes, some employers offer matching funds as part of the compensation package. If you decide to take that job, that’s on you, but when the benefit is on the table, you might as well take advantage of it.

You’re actually complaining about the specifics of how some 401(k)s are implemented, not the idea of a 401(k) itself. There are unquestionably some bad 401(k) plans out there, but most are useful tools.

Q10: Lunches while doing field work

I recently started doing field work where I’m out inspecting most of the day most days. Asked around and every single other inspector just goes to a drive-thru for lunch. I’m trying to figure out how to take my own lunch to save a lot of money because drive-thru lunches will add up fast. My car gets hot during the day and will spoil cold stuff.
– Jim

First off, get a well-insulated and decent-sized cooler, one that will keep stuff cold inside even in a hot car, and several reusable ice packs. Figure out the spot in your car that’s coolest during the day (floorboard in the shade? trunk?) and keep your lunch cooler there. Each night, freeze your ice packs and a bottle or two of water and then put them in the cooler each morning. The water bottle will partially melt during the day, giving you a cold drink, and if the cooler is well insulated the food inside will still be cold.

For hot stuff, get a Thermos food jar. This will keep almost any food (soup, casserole, whatever) perfectly hot from morning until lunchtime. Just microwave some food until it’s basically boiling in the morning, put it in the container, and close it up, and it’ll be perfect at lunch time (sometimes it’s still too hot to eat and you have to let it cool down). The temperature will be high enough to keep it from going bad in that timeframe.

Between those two options, a hot car won’t really be a problem (nor will a cold car on a cold day).

Q11: Outdated savings bonds

I have some savings bonds in my older sister’s name from 1981-1984. She passed away several years ago and I just found them in her papers. What can I do with them? Are they worth anything now?
– Josie

First question: who should have inherited those bonds when her estate was resolved? I’m going to guess that they should have gone to you since you’re looking through her papers at this late date. Whoever should have inherited them should have those bonds, because those bonds were part of your sister’s estate.

Assuming you inherited them, they’re probably still worth the face value of the bond. You can cash them in at many banks if they have someone on staff (a certifying officer) who can receive them. If you go there and explain the full situation to them, they’ll likely cash them in for you, though they may wish to see who should properly inherit them in the estate, so you may want to bring along any estate documents proving that you inherited them.

This should be a trivial matter. Whoever should have inherited them just needs to take proof of the inheritance along with the bonds to a bank.

Q12: Books on professional social situations

Hi! I am looking for some book recommendations on how to be better socially at work beyond the Dale Carnegie stuff. I practice Carnegie’s teachings but it feels kind of mechanical and I can’t seem to really put it together into building relationships. But I can really see the value in having good professional relationships! Thanks!
– Max

The main book I would recommend is Never Eat Alone by Keith Ferrazzi and Tahl Raz, which I wrote about extensively in the past. I think it’s pretty much exactly what you’re looking for, as it takes the core ideas of Carnegie and puts them into an overall set of techniques for building good professional (and personal) relationships.

I should point out here that, like Carnegie, the author somewhat assumes that the reader is an introvert (or else why would he/she be looking for this kind of advice?). Thus, there are parts that can feel quite mechanical, describing social situations and strategies step by step when those techniques come naturally to some people, and that can feel awkward at moments. Don’t sweat it. Don’t let it bother you. Not all of us are born socially adept – I’m certainly not!

Another book that I’ve found very valuable but I haven’t written about before on The Simple Dollar is The Like Switch by Jack Schafer and Marvin Karlins. This is a great book that kind of occupies the middle ground between Carnegie’s stuff and Never Eat Alone, relating specific conversational practices to building better relationships.

Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.

The post Questions About Watches, Seasoning Mixes, 401(k) Criticisms, and More! appeared first on The Simple Dollar.

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Wednesday is 7/11, and That Means Free 7-Eleven Slurpees for Everyone!

It’s that time of year when an ice-cold beverage really hits the spot. And when that ice-cold beverage is free — well, then it hits your wallet quite nicely, too.

Wednesday, July 11, 2018, is 7-Eleven Day, also known as “Free Slurpee Day.” That’s because simply entering any participating 7-Eleven convenience store between 11 a.m. and 7 p.m. on 7/11 (get it yet?) gets you a free small Slurpee.

If you’re a member of the 7Rewards program (buy six 7-Eleven drinks and get the seventh one free), you’ll get twice the perks because your free Slurpee counts as a “punch” on your loyalty card app, taking you one step closer to scoring yet another freebie.

But wait, there’s more!

Turn Every 7th Slurpee Into a Freebie

Free Slurpees are cool enough, but the 7Rewards app is pretty cool, too.

Just download the app on your iOS or Android device, and you’re on your way to any free self-serve drink, including Slurpees. Scan your app with every self-serve drink purchase (coffee, Slurpee, Big Gulp, Chiller Iced Coffee, etc.), and when you reach six purchases, you get the seventh for free!

Any size cup counts toward your free seventh drink. What’s more, you can choose any size you like as your freebie. So, you could buy six small Slurpees and still get the largest available size as your freebie.

If you want to maximize your free Slurpee savings on July 11, you could hit six 7-Elevens for freebies and scan your rewards app at each one, then score the free seventh Slurpee, giving you a Slurpee buzz that would make Bart Simpson jealous.

We’re not saying this is recommended on either a health or an ethical level, but, you know… you could.

Kelly Gurnett is a freelance blogger, writer and editor who runs the blog Cordelia Calls It Quits, where she documents her attempts to rid her life of the things that don’t matter and focus more on the things that do. Follow her on Twitter @CordeliaCallsIt.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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There’s a 94% Chance Your Final Student Loan Payment Will Look Like This

Almost everyone who has successfully repaid their student loan debt has two things in common: They paid the debt off early, and their final payment was a lump sum well above the minimum due.

That’s according to a new study from the Consumer Financial Protection Bureau (CFPB), the government watchdog tasked with monitoring the financial service industry on behalf of consumers.

The CFPB study looked at about 270,000 borrowers who paid off at least one student loan between January 2013 and October 2017. It found that 94% of the borrowers did so by making a large final payment. On average, that payment was 55 times their minimum due.

Only 6% of borrowers who repaid their debt did so by following the payment schedule provided by a student loan servicer.

The financial situations for such a large sample of people varied widely, but the CFPB inferred that most people probably started to earn more money, making it easier to pay above the minimum due on their loans.

Others were likely building their savings as they paid down their debt and finally saved enough to make a large payment and put the student loans behind them.

Whatever the reason for the large payments, it seems those people who pay down thousands of dollars in debt in just a few years are more common than they seem.

Desiree Stennett (@desi_stennett) is a senior writer at The Penny Hoarder. She writes about how government and court actions impact your wallet.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This Quiz Will Tell You If You Should Dress Like a Cow for Free Chick-fil-A

Auto Bits: AAA study says Apple CarPlay and Android Auto are less distracting than automakers’ infotainment systems

Tip of the WeekA study conducted by AAA shows that Apple CarPlay and Android Auto are a bit less distracting than the “native” systems that automakers themselves offer. The AAA Foundation for Traffic Safety worked with the University of Utah to evaluate five modern vehicles to determine the amount of visual and mental demand placed on drivers by Apple CarPlay and Android Auto versus the automakers’ built-in infotainment system options. The study concluded that [...]

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How to Use These 8 Visual Elements to Improve Your Marketing Strategy

Did you know that 65% of people are visual learners?

Furthermore, 90% of information that gets transmitted to the human brain is visual.

But if you thought that was crazy, consider this. We process images 60,000 times faster than we process text.

Let that sink in for a moment.

As you’re reading this, you may believe you’re processing the information I’m sharing with you, and that very well might be the case. But if I show you an image, like this one, it will increase the chances of you remembering it:

As a marketer, you need to use this knowledge to your advantage. You always have to come up with new ways to reach and engage with your target market and current customers.

If your most recent marketing campaigns didn’t succeed, I want you to reevaluate those strategies.

Did you use any visual elements?

If you answered no, you have a significant room for improvement as you move forward. But some of you may be using visuals and still not having the success you’re looking for. That’s okay.

It’s possible you’re using the wrong visuals. Or maybe you’re just not positioning them properly within the campaign. You might need to make slight adjustments.

Regardless of your scenario, this guide will help you.

I’ve narrowed down the top 8 visual elements you can use to improve your marketing campaigns. I’ll tell you what they are and explain how to implement them.

1. Images

I’m sure you’ve heard the age-old saying that a picture is worth a thousand words.

In fact, articles with images get 94% more views than those without them.

To me, that’s a pretty significant number. What’s that worth to you?

It’s especially important to anyone who uses blogging to scale lead generation.

That’s why I use images in all my blog posts. They are a great way to break up the content and make my posts easier to read.

People don’t read your posts word for word. Things are going to get easier for you as soon as you accept it.

Your readers skim through your content. But if all they see is large blocks of text, they’ll find it difficult to stay engaged, get through it, and retain any information.

That’s why an increasing number of bloggers use more than one image per post to enhance their posts:

Images give people a reason to stop while they’re scrolling. As I explained earlier, the human brain is programmed to process and retain visual information.

With images, you can still get your point across even if each word isn’t being read.

In addition to blogging, images should be used for your other marketing campaigns as well.

For example, let’s say you’re sending an email to your customers offering them a 25% discount. If you just put that in the message written as text, it won’t be very effective.

But by turning that message into a visual coupon, you will make the message much more appealing. As a result, the recipient will be more likely to use the discount, which will translate to more sales for your company.

2. Original photos

Where should you get your images?

Obviously, in today’s digital age, the Internet is saturated with photos. You can definitely use those to enhance your content. I do this all the time. Just use someone else’s photo, and give them credit for it.

While there is nothing wrong with this strategy, it’s not the only option.

If you really want to bring your visual marketing strategy to the next level, take original photos. You should consider doing this for a few reasons.

First of all, it makes your content more unique. There’s less of a chance that your audience has seen the picture if you took it yourself.

Sure, if you were taking a picture of a famous landmark, there will be similar ones out there. But yours will still be unique. Plus, you won’t have to give anyone else credit for the image.

Once you start taking original photos, you can use them for much more than just a single marketing campaign.

It gives you something to post on social media, which is part of your general marketing strategy as a whole. Check out these pictures on the Muscle Milk Instagram page:

Yes, they could have found photos of people hiking, camping, and running on the Internet. But those would not have been as authentic as these.

Instagram is the perfect platform for you to post original photos. It gives your audience a reason to follow you, which will improve your brand awareness and benefit your company.

If your social media followers find out you’re posting random images from the web, they will be less inclined to follow you and your promotions.

You don’t need to hire a professional photographer to take and edit photos like a pro.

Once you publish original content, other people may end up using those photos as well. As a result, they’ll have to give you credit as the source, which will drive more traffic to your website.

3. GIFs

GIF stands for the graphics interchange format, but nobody calls it that.

It’s basically a hybrid between a picture and a video. GIFs have many different uses. They are more elaborate than a picture but not as long as a video.

For example, if you add a video to your content, you have to rely on someone clicking to view it. But that’s not the case with a GIF. When it appears on the screen, it will start moving.

You can use a GIF to demonstrate something quickly, like an action.

Put GIFs in your marketing emails. GIFs can be very funny, and they are extremely versatile. Look for online resources to find relevant GIFs for your brand.

While they may be simple, they can stand out and capture the attention of your audience, which will ultimately increase their engagement.

4. Memes

Memes have seemingly taken over the Internet.

They’re all over social media, and it seems like a day can’t go by without someone sending a meme to my phone via a text message.

Often, they’re meant to be funny, but they can also be downright stupid. You can still use them to enhance your marketing efforts. Here’s an example of a silly meme I could use about content marketing:

That’s what some of these old-school business owners tell me when I first meet them for a business consultation.

A meme is basically just an image with the caption written directly on it.

Come up with clever ways to turn a recognizable picture, actor, fictional character, image, or cartoon into something related to your brand.

If you search for memes online, you’ll come across plenty that are pretty inappropriate. I do not suggest using these with your marketing strategy, unless that kind of humor is part of your brand image.

It’s better to be on the safe side and stick to memes that are corny but relatable, as opposed to really funny but possibly inappropriate.

There are also plenty of online tools, such as the Meme Generator from Imgflip, you can use to create your own meme.

Just make sure you know your target market. For example, if you’re marketing to a Millennial audience, it wouldn’t make sense to use an image of a rock star from the 1960s.

Use pop culture references your audience will recognize, or it defeats the purpose. You can also build a meme with industry jokes, like the one I used above.

5. Slideshows

Slideshows aren’t just for school presentations.

You can use them to enhance your digital content as well. You can embed your slideshows into your website pages and blog posts.

These are great tools for communication.

Consider creating and sharing your slideshows on SlideShare, for example:

Here’s a great strategy for those of you who have previously published lots of long blog posts, articles, or case studies.

Turn those into slideshow presentations.

Simplify them, and give your audience a chance to retain that information. You don’t need to eliminate the text completely. Just republish those old posts with a slideshow at the beginning.

This is a great way to breathe fresh life into your old content with the help of visual aids.

6. Videos

No marketing strategy is complete without video content. That’s what consumers want to see today. So give them what they want.

You should find a way to use videos in nearly every aspect of your marketing campaigns.

Here are some examples of the types of videos you can create and ways to implement them:

• embed videos on your website
• send emails with videos
• upload videos to social media
• share product demonstrations
• give tutorials

The list goes on and on.

Here’s what I recommend. Set up a YouTube account if you don’t already have one. From there, it’s easy to distribute your content on other marketing channels since YouTube is compatible with them.

It’s easy to make videos. Plus, look at some of the benefits of video marketing:

That’s why 83% of marketers say they would create more video content if they had unlimited time, budget, and resources.

Want to take your video strategy to the next level? Consider starting a video blog.

Stream live video on your social media channels as well.

7. Whiteboard presentations

I’m sure you’ve seen these before.

Yes, a whiteboard presentation is technically a video. But it’s a mix between a regular video and a slideshow presentation.

Rather than showing content slide-by-slide, it’s displayed as a video.

Lots of times, these are shot with just a hand that’s writing on a whiteboard.

Consider using a platform like Animaker to create your whiteboard presentation.

This method may be more professional and presentable than just filming yourself writing on a board in a dark room.

Basically, you want to create them as if you were a teacher, trying to present information to a class.

It’s a great visual tool to help you explain how to do things.

8. Screenshots

I use screenshots all the time when I’m blogging. This tool helps me get my point across in a way that’s easy for my readers to understand.

Use the same approach if you’re trying to explain how to do something online.

Sure, you’ll need some text to support the picture. But screenshots show the reader exactly what to do.

Skitch is my favorite software for taking screenshots and marking them up. You know all those pink boxes and arrows you see in my blog post images? Those are from Skitch.

Just telling your audience to click on something isn’t as effective as drawing an arrow directly to the button.

To show you what I’m talking about, here’s an example from a blog post I wrote about Facebook cover photos:

In these step-by-step instructions, I use text to tell people where to click.

That said, look how many clickable buttons there are on these screens. There are dozens of choices.

By using Skitch to mark up these screenshots, I show the reader where to look, which improves their experience.

Conclusion

Visuals are more powerful than text alone.

You need to be incorporating visual elements into your marketing strategy.

Use images to break up your content. Take original photos to make your brand seem more unique.

Memes and GIFs are fun ways to spice up your advertisements.

Use slideshows and whiteboard presentations if you want to explain things to your audience.

Videos can be used for nearly any campaign.

Take screenshots and mark them up with arrows, boxes, and text to highlight what you’re talking about.

If you follow tips on this list, you won’t have a problem improving your marketing strategy with visual elements.

What types of visual elements does your brand use in your marketing campaigns?

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Pokemon Go to Pay Out $1.6 million and 6 More Summer Class-Actions

Stay on Top of Your Credit Score With These Top-Rated Free Apps

Did you know 26% of people find an error on at least one of their three credit reports?

That’s according to a 2012 Federal Trade Commission report, the most recent comprehensive study on the matter.

Sure, that sucks, but we’ve got to cut the credit bureaus a break. After all, they’re keeping tabs on millions of pieces of information.

That’s why it’s important for you to regularly check on your reports. Catching an error — and disputing it — will keep your credit report clean, and in turn, could potentially increase your score.

But it’s not just about the score. A messy credit report can negatively affect job opportunities, your ability to take out a loan or open a credit card, your insurance rates, your ability to rent and your utility deposits. Even cell phone providers can ask for hefty deposits upfront if your credit’s poor.

Additionally, playing detective and checking your credit reporting regularly could help you sniff out potential fraud or identity theft.

The Top 4 Free Credit-Monitoring Apps

Now the question is: What’s the best way to monitor your credit? There are gobs of products out there, but the key is that they be safe and user-friendly. And free. We like free.

Each of the big three credit reporting agencies — Equifax, Experian and TransUnion — are required by law to let you access your credit report for free at least once every 12 months. However, many of us have trouble remembering to do that. Plus, a lot can happen in a year.

To help you keep a closer eye, here are your top four free credit-monitoring apps ranked based on ratings, report type, security and features.

First, a quick note: Because checking your credit report is a soft inquiry, it will not hurt your credit score. The hard inquiries are the ones you have to worry about.

Here’s a quick break down:

	iTunes App Rating*	Type of Report	Update Frequency
CreditWise	4.8 stars	TransUnion	Weekly
Credit Karma	4.7 stars	TransUnion and Equifax	Weekly
Credit Sesame	4.7 stars	TransUnion	Monthly
Mint	4.8 stars	TransUnion	Monthly

*All ratings accurate as of June 1, 2018.

OK, diving into the details now…

1. CreditWise® From Capital One®

iTunes rating: 4.8 stars with more than 90,000 ratings

Google Play rating: 4.6 stars with more than 24,000 ratings

Report pulled: TransUnion®

Report update frequency: Weekly

Security: CreditWise uses a 256-bit encryption, which protects the transmission of your data. This meets government standards. For context, the more bits the better.

Features: Once exclusively available to Capital One customers, the CreditWise app is now free for everyone.

In addition to offering a weekly credit report and email alerts, you can also tap into the app’s Credit Simulator. It lets you see how different actions could affect your credit score. Pay off $40,000 in debt? See how much your score could soar.

If you don’t know where to start to improve your credit, CreditWise also offers personalized recommendations.

Advertiser Disclosure: Capital One compensates us when you enroll in CreditWise using the link we provided above.

2. Credit Karma

iTunes rating: 4.7 stars with more than 26,000 ratings

Google Play rating: 4.7 stars with more than 685,000 ratings

Report pulled: TransUnion and Equifax

Report update frequency: Weekly

Security: 128-bit or higher encryption

Features: In addition to letting you check your credit report and sign up for credit-monitoring alerts, Credit Karma offers some other unique features. These include a credit score simulator, a free tax filing station and an unclaimed money search, which allows you to see whether the state is holding onto any money that belongs to you.

3. Credit Sesame

iTunes rating: 4.7 stars with more than 19,000 ratings

Google Play rating: 4.3 stars with more than 24,000 ratings

Report pulled: TransUnion

Report update frequency: Monthly

Security: Credit Sesame uses 256-bit encryption services.

Features: Credit Sesame offers a number of membership options, but the free one grants you access to your credit score and a credit “report card.” This is essentially your credit report but broken down in easy-to-understand terms.

The report card also highlights tips and tricks to help you clean up your credit report and increase your score. Additionally, the free account allows you to sign up for daily credit-monitoring alerts and $50,000 in identity theft protection.

4. Mint

iTunes rating: 4.8 stars with more than 324,000 ratings

Google Play rating: 4.3 stars with more than 128,000 ratings

Report pulled: TransUnion

Report update frequency: Every 30 days

Security: Your data is protected with a 256-bit encryption level and is exchanged through a 128-bit algorithm.

Features: Mint isn’t exclusively a credit-monitoring service, which is why it’s down here on the list. It’s more typically a fan-favorite budgeting app.

However, like others in this list, Mint offers a free credit score and credit report summary, which makes the information more digestible. You can opt in for monitoring alerts, so you’ll get pinged whenever TransUnion receives new credit information.

Are These Free Credit Scores Accurate?

For many of these apps, the most common negative review was that the scores and reports weren’t accurate.

However, the information on these apps should indeed be accurate. After all, they’re pulling it directly from your credit report.

But because there are lots of different credit scoring models — it might be different from what lenders see (not inaccurate). So if you’re checking things out on one of the apps listed above, you’ll see your VantageScore. A lender, on the other hand, might check your FICO score.

Here’s what to remember: Both of those are just three-digit numbers that are ultimately influenced by what’s on your credit report, which is the same for any model.

The moral of the story? Monitor your credit report so you can dispute any inaccuracies,  detect any fishy activity or guide yourself toward financial health.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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